Johnson Brothers Co. has a non-contributory qualified profit sharing plan with 310 employees in total, 180 who are nonexcludable (40 HC, 140 NHC). The plan covers 72 NHC and 29 HC. The NHC receive an average of 4.5% benefit and the HC receive 6.5%. Which of the following statements is (are) correct?

Johnson Brothers Co. has a non-contributory qualified profit sharing plan with 310 employees in total, 180 who are nonexcludable (40 HC, 140 NHC). The plan covers 72 NHC and 29 HC. The NHC receive an average of 4.5% benefit and the HC receive 6.5%. Which of the following statements is (are) correct?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 38P

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